User:Merit McIntyre
Robert Winthrop (1904-1999): Was a wealthy investment banker and philanthropist. He was the oldest son of Frederic Winthrop (1868-1932) and Dorothy Amory (1878-1907). He was a direct descendant of colonial governors John Winthrop, John Winthrop, Jr., and Fitz-John Winthrop. He was a great-grandson of Moses Taylor (1806-1882), grandson of Robert Winthrop (1833-1892), and son of Frederic Winthrop (1868-1932). He graduated from St. Mark’s School in 1922 and Harvard College in 1926.[1]
After graduation from Harvard, Robert Winthrop worked for a brief period for Citibank and then joined his Uncle Beekman Winthrop at the family banking house of Robert Winthrop & Company. He became a partner in the family firm in 1932 and purchased his seat on the New York Stock Exchange in 1933 for $164,000. [2]
Through Robert Winthrop’s leadership, Robert Winthrop & Company evolved from a private family banking firm to an important institutional trading and research company. In 1960, Winthrop purchased de Vegh & Company, which was primarily engaged in mutual funds and in 1964, Winthrop purchased the investment firm Wood, Struthers. The firm was then renamed to Wood, Struthers, and Winthrop. In 1976, Wood, Struthers, and Winthrop earned $18 million in revenues and had nine branches around the United States. WSW was sold in 1977 to Donaldson, Lufkin, and Jenrette for one million shares of DLJ, which had a book value of $6.5 million. [3]
In 1935 at age 31, Robert Winthrop was named to the City Bank Farmer’s Trust Company board of directors. By 1939, he was serving on the boards of National City Bank, the Delaware, Lackawanna, & Western Railroad, the Wall Street Investing Corporation, the Cayuga &Susquehanna Railroad boards, the Morris and Essex Railroad, the Empire Holding Company, the Empire Land Company, the Kewaunee, Green Bay, & Western Railroad, and the Stony Point Land Company. [4]
Robert Winthrop had substantial financial interest was Austral Oil and Gas Exploration Corp. based out of Houston, Texas. Robert Winthrop held no less than a 40% interest in Austral when he started offering shares publicly in 1967.[5] In 1975, Austral was sold in its entirety to St. Joe Minerals Corporation for $83.2 million.[6]
Philanthropy
In 1934, Robert Winthrop was named as trustee of the Nassau Hospital and in 1939, became a director of the Cooper Union.[7] In 1985, Nassau Hospital was renamed Winthrop University Hospital in Robert Winthrop’s honor. For over sixty years, Winthrop made significant financial donations to the hospital and left millions of dollars in his will to the hospital. [8]
Robert Winthrop heavily supported Harvard University. In 1962, Winthrop established the Winthrop Professor of History at Harvard and 1964 he gave Harvard $500,000 to establish the Robert Winthrop Professorship in the medial faculty.[9] In 1983, he established the Robert Winthrop Scholarship Fund which has provided financial aid for around 200 students at Harvard.[10] In 1983, Harvard awarded Robert Winthrop an honorary doctor of laws degree. [11]
Robert Winthrop gave between $250,000 and $1 million during his lifetime to the Wildlife Conservation Society where he served for more than thirty years as a trustee and lifetime trustee.[12] Robert Winthrop was one of the founders of the International Atlantic Salmon Foundation. He is in the Atlantic Salmon Federation Hall of Fame where the board room is named in honor of him.[13] Robert Winthrop was a founding member of the Waterfowl Research Foundation and was president for two years of Duck’s Unlimited.[14]
Legacy
Two years after his death, Robert Winthrop’s estate still held a 5.52% interest in the Credit Suisse Warburg Pincus International Equity Fund II and an 11.67% interest in their Municipal Trust Fund.[15]
Robert Winthrop was first cousins with former Treasury Under-Secretary Thomas J. Coolidge III and former congressman Robert W. Kean, second cousins with former New Jersey Governor Thomas H. Kean, was the grandfather of former CNET CEO Shelby W. Bonnie, and uncle of Milbank, Winthrop partner Grant F. Winthrop.
Upon the death of Robert Winthrop’s grandmother, Kate Winthrop, millions of dollars were bequeathed to establish a trust for “Winthrop Male Issue,” which is known as the WMI Trust. The trust was established to benefit all male descendants of Robert Winthrop and his two brothers who bore the last name Winthrop. Robert Winthrop furthered the fund of the WMI Trust in 1941 when he assigned his beneficial interest of his Uncle Beekman Winthrop’s estate to the trust.[16] Millions of dollars have been distributed to today’s Winthrop males. [17]
- ^ "Reared in a Greenhouse." Dorothy B. Wexler
- ^ New York Times, June 3, 1933
- ^ New York Times, October 16, 1977
- ^ New York Times, November 29, 1939
- ^ SEC News Digest, August 15, 1968
- ^ New York Times, August 6, 1975
- ^ New York Times, December 28, 1939
- ^ "Cornerstone Newsletter." Winthrop University Hospital, July, 2003 Volume 12, Number 2.
- ^ New York Times, February 25, 1964.
- ^ New York Times, September 30, 1999.
- ^ New York Times, JUne 10, 1983.
- ^ Wildlife Conservation Society, 2004 Annual Report.
- ^ "Record Pilot." )ctober 1, 1999.
- ^ Duck's Unlimited, 2005 Annual Report.
- ^ Securities and Exchange Commission, February 1, 2001, Schedule 14a, Credit Suisse Warburg Pincus Mutual Funds.
- ^ "Reared in a Greenhouse, Dorothy B. Wexler.
- ^ Commonweatlh of Massachusetts Superior Court, Boston, MA.